SBI Investment leads $17.2 Mn Series B round in Mfine

SBI Investment, a Japan-based venture capital firm and a subsidiary of the SBI Group, has led $17.2 million Series B round in healthtech startup Mfine.

Singapore-based venture capital firm BEENEXT alongside existing investors, Stellaris Venture Partners and Prime Venture Partners also took participation in the fresh round.

The Bengaluru-based startup will use the proceeds towards expanding its hospital network, building artificial intelligence technology and going deep into additional services such as delivering medicines, conducting preventive health screenings and diagnostic tests.

Started two years ago by former Myntra senior executives Prasad Kompalli and Ashutosh Lawania, Mfine runs an online consultation app where patients can consult doctors via chat or video from a network of hospitals.

The firm claims to have given consulting to over 100,000 customers and over 500 doctors practice across 20 specialties on the platform. Going forward, it aspires to onboard 2,500 doctors from 250 hospitals over the next one year.

With more than 200 employees in Bengaluru and Hyderabad, Mfine has partnered with hospitals like Apollo, Cloudnine Group, Oasis, Ovum Hospitals, and Femiint Health.

Till date, it has raised about $24 million including $1.5 million round in September 2017 and $4.2 million Series-A round in May 2018.

On the competition front, it counts Lybrate, Docsapp, Medlife, Practo, 1mg and PolicyBazaar's DocPrime as core rivals. Over the past 18-20 months, several firms in the space have been cornering significant funding from VCs as well as strategic backers.

The development was reported by Bloomberg Quint.